hiag immobilien holding ag half-year 2018 · highlights increase in annualised property income by...
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HIAG Immobilien Holding AGHalf-Year 20183 September 2018
1© HIAG, 03.09.2018
HIAG
The financial data as well as the other information presented herein constitute selected
information.
The information in this presentation does not constitute an offer or invitation and may not be
construed as a recommendation by us to purchase, hold or sell shares of HIAG Immobilien
Holding AG. This information or any copy thereof may not be sent or taken to or distributed in
any jurisdiction in which such transmission or distribution is unlawful. This document may
contain certain “forward-looking” statements. By their nature, forward-looking statements
involve risk and uncertainty because they relate to future events and circumstances. Actual
outcomes and results may differ materially from any outcomes or results expressed or implied
by such forward-looking statements.
2
Disclaimer
HIAG
Agenda
1. Highlights
2. Financial results half-year 2018
3. Major developments
4. Market and outlook
5. Financial calendar
3
HIAG
Highlights
Increase in annualised property income by 1.1% to
CHFm 56.8 as of 30 June 2018
Acquisitions increasing lease and long term
development pipeline
Net revaluation of CHFm 26.7 reflecting signed
contracts and progress in development
WALT of 7.0 years increasing
Earnings per share of CHF 4.14
Portfolio grown to CHFm 1’346
14 Partner contracts signed with HIAG Data
4
HIAG
Office
Office
Office
Geneva
Lucerne
Bern
Basel
St Gallen
Davos
BellinzonaSion
8
3
2
1
6
4
3
1
1
1
4
8
9
1
Lausanne
Neuchâtel
1
1
1
1
1
2
1
1
1
1
3
21
4
2
11
2
1
1
1
1
1
2
1
2
5
8
3
3
1
1
1
11
Zurich
1
1
Acquisitions in line with strategy
1
1
HIAG 6
HIAG DataNetwork Centric Multi Cloud 4.0
Swiss Azure StackCloud 4.0 Swiss S3 Object Store
Secure & Private
Global Cloud Connect
Secure & Private
Swiss Cloud Connect
Health Platform Real-Time
Media Platform
Virtual Networking 2.0
HIAG 7
HIAG Data – HealthSWICA BENECURA launched
HIAG 8
HIAG Data – HealthUnterengadin pioneering health tourism
HIAG 9
HIAG Data – MediaPost production of «The Taste» on Sat 1
HIAG
HIAG Data – FinanceVertical Finance well advanced
10
HIAG Data CTO and CMO to coach participating teams
HIAG 11
HIAG Data – eSportsBiberist as eSports Hub in Switzerland
HIAG 12
HIAG Data – IndustryAI design supported 3D printing
HIAG 13
HIAG DataFurther announcments @ GENNEX
HIAG
Stable and attractive mix of uses –Acquisitions to grow industry & logistics
14
Industry, Commercial
29.3%
Distribution, Logistics12.3%
Residential13.5%
Residential / Commercial 5.4%
Retail12.7%
Office11.4%
Building land10.2%
Others5.2%
Industry, Commercial and
Distribution, Logistics
41.6%
Residential 18.9%
Based on GAV as of 30.06.2018
HIAG
Top 10 tenants (Group) based on annualised property income as of 30.06.2018
A strong, stable and diversified tenant base
15
4.2%
3.9%
3.2%
3.1%
3.0%
2.8%
2.8%
2.8%
2.7%
2.7%
17.8%
Share of annualised rental income:
4.2%
8.1%
11.3%
14.4%
17.4%
20.3%
23.0%
25.8%
28.5%
31.2%
49.0%
Cumulative share of annualised rental income:
* includes residential/commercial mixed properties
Tenants (groups)
Sieber Transport AG, logistics
OTTO’s AG, retail
Sulser Logistics Solutions AG, logistics
Jeld-Wen Schweiz, industry
HP International (HP), IT
Hewlett Packard Enterprise (HPE), IT
athleticum Sportmarkets AG, retail
Brugg Rohrsystem AG, industry
Lekkerland Schweiz AG, logistics
Residential*
Doka Schweiz AG, industry
HIAG
Comfortable weighted average lease term of 7.0 years
16
3.0%
6.0%
10.0%
7.0%
4.0% 4.0%
29.0%
37.0%
2018 2019 2020 2021 2022 2023 2024-2080 Perpetual*
residential tenants and in redevelopment segment
Expiry profile based on property income as of 30.06.2018
of which LIPO 2.2% to be replaced by
XXXLutz
Expiry profile
HIAG
Robust project pipeline – upcoming projects with expected investment of CHFm 167
17
2018 2019 2020 2021 2022 2023 2024-2026
Effectivearea to be developed:
18’000 m²
Expected investment volume:
CHFm 54
40’000 m² CHFm 167
545‘000 m²
48 projects 603‘000 m² CHFbn 1.7*
Un
de
r c
on
str
uc
tio
nU
pc
om
ing
(n
ex
t 3
-ye
ars
)O
the
rL
on
g t
erm
Timelines based on currently expected project timelines. Investment volume subject to assumptions on future developments
Total area of
603’000 m² to
be developed
with an expected
investment volume
of CHFbn 1.7
2 Residential
1 Commercial
2 Residential, Commercial
2 Commercial
3 Residential, Commercial
5 Commercial
4 Residential, Commercial
5 Residential, Commercial
5 Commercial
6 Commercial, Residential
3 Residential, Commercial
2 Commercial
1 Residential & Commercial
1 Residential
5 Residential, Commercial
1 Residential, 1 Residential & Commercial
HIAG
Agenda
1. Highlights
2. Financial results half-year 2018
3. Major developments
4. Market and outlook
5. Financial calendar
18
HIAG
Income statement as of 30.06.2018
19
in CHFm HY 2018 HY 2017 CHFm %
Property income 28.2 27.4 +0.9 +3.1%
Revaluations of properties 26.7 10.8 +16.0
Other Income 5.2 8.4 -3.2
Total operating income 60.2 46.6 +13.7 +29.3%
Total operating expenses -16.9 -13.7 -3.1 +22.7%
EBITDA 43.3 32.8 +10.5 +32.1%
EBT 36.4 29.5 +6.9 +23.5%
EBT HIAG Immobilien 44.6 31.2 +13.4 +42.8%
EBT HIAG Immobilien without revaluations of properties 17.9 20.5 -2.6 -12.6%
EBT HIAG Data -8.2 -1.7 -6.4
Net income 33.3 24.4 +8.9 +36.6%
EPRA Earnings 9.8 18.7 -8.8 -47.3%
HIAG
Increase of annualised property income –Acquisitions over compensating ABB leave
20
Acquisition in Pratteln adding CHFm 2.1 annualised property income as of September 2018
56.156.8
1.7
0.4
(1.4)
31.12.2017 Acquisition Rent & Occupancy Tenant Departures 30.06.2018
in CHFm 30.06.2017 31.12.2017 30.06.2018 CHFm %
Target annualised property income 64.1 65.4 66.8 +1.4 +2.1%
Actual annualised property income 54.6 56.1 56.8 +0.7 +1.1%
Actual property income 27.4 28.2 +0.9 +3.1%
HIAG
Vacancy rate rising to 16.1% after ABB leave
21
in % 30.06.2018 31.12.2017
Yielding properties 14.3% 12.3%
Yielding properties undergoing repositioning* 36.9% 36.8%
Redevelopment properties 14.4% 13.1%
Total Portfolio 16.1% 14.3%
Vacancy rate expected to decrease by end of 2018
* Mandachstrasse 50-56 (Niederhasli), Sternenfeldpark 14 (Birsfelden)
HIAG
Revaluation of properties driven by newcontracts and progress in development
22
in CHFm HY 2018 HY 2017
Revaluations of properties +26.7 +10.8
Thereof revaluation promotion +0.3 -1.6
Thereof adjustment costs for environmental risks -9.3 -0.8
Positive contributions: Cham, Meyrin, Dietikon and Windisch
Negative contributions: Niederhasli
HIAG
Increase in operating expenses due toHIAG Data
23
in CHFm HY 2018 HY 2017 CHFm %
Personnel expenses 6.1 4.3 +1.8
Maintenance and repairs 4.0 3.0 +0.9
Insurance and fees 0.7 0.5 +0.2
Energy costs 1.2 1.3 -0.1
Rent and leases 0.8 0.8 -
Other expenses 4.2 3.9 +0.3
Total operating expenses 16.9 13.7 +3.1 +22.7%
from which HIAG Data 4.6 1.7 +2.8
from which external services related to asset sales 0.1 0.4 -0.3
Total operating expenses excl. segment IaaS &
asset sales12.2 11.6 +0.6 +4.9%
HIAG
Key financial figures per share
in CHF HY 2018 HY 2017
Earnings per share 4.1 3.0
EPRA Earnings per share 1.2 2.3
Time-weighted average number of shares 8’037’047 8’035’885
in CHF 30.06.2018 31.12.2017
Swiss GAAP FER NAV per share 94.7 94.5
EPRA NAV per share 104.4 103.7
Number of outstanding shares 8’041’507 8’047’629
24HIAG
HIAG
Balance sheet as of 30 June 2018
in CHFm 30.06.2018 31.12.2017 CHFm %
Properties 1’326.8 1’251.6
Properties held for sale 19.3 31.1
GAV 1’346.1 1’282.7 +63.4 +4.9%
LTV Ratio 42.0% 37.6%
Swiss GAAP FER NAV 761.9 760.7
Swiss GAAP FER NAV per share* 94.7 94.5
Capital contribution reserves 17.2 47.7 -30.5
Equity ratio 51.8% 54.4%
Return on Equity 8.8% 7.9%
EPRA NAV 839.2 834.1
EPRA NAV per share* 104.4 103.7
25
* Number of outstanding shares 8’041’507 as of 30.06.2018 and 8’047’629 as of 31.12.2017
HIAG
Solid financing structure
26
Leasing related to HIAG Data equipment
Current LTV ratio of 42.0% (37.6% as of 31.12.2017)
Duration of 2.9 years (3.1 years as of 31.12.2017)
Interest coverage ratio of 6.4x (8.3x as of 31.12.2017)
Average cost of debt of 0.9% (0.9% as of HY 2017)
in CHFm 30.06.2018 31.12.2017
Bank financing 219.2 155.7
Bonds (CS rating: Low BBB stable / Vontobel rating: BBB stable) 365.0 365.0
Leasing financing 16.7 8.4
Total 600.9 529.1
HIAG
Agenda
1. Highlights
2. Financial results half-year 2018
3. Major developments
4. Market and outlook
5. Financial calendar
27
HIAG 28
PrattelnHIAG improves presence in Basel Area
New acquisition
• Sale & leaseback transaction with 15 years lease term
• Rohner AG Pratteln among top three tenants
• Site comprising 32’000 m2 in close proximity to railway station
HIAG 29
MeyrinRestaurant Luigia forming new center
Under construction / Under refurbishment
• Rental agreement signed with Regus for the building under refurbishement
• Restaurant concept and training pavilion Luigia in the centre of the site to open in
Q1 2020 to attract visitors from neighbourhood and CERN
HIAG 30
Refurbishment starting
WindischNew lifecycle for the recruitment centre
• Long term lease (25 years) with Faro Foundation and transformation of army
recruitment centre into hostel starting operations in summer 2019
• Communication agency WPS to lease 1’000 m2 in «Businesspark Kunzwerk»
HIAG 31
Under construction / In preparation
ChamIncrease of residential units
• Construction of the athletes campus OYM (On your marks) well advanced
• Affordable housing accepted for commercial use
• Permit for the app. 370 apartments to be filed by end of 2018
HIAG 32
Under construction
St. MargrethenStadler Rail investing CHFm 86
• Groundbreaking ceremony an 4 July 2018
• Building lease for about 70’000 m2 until 2080 effective as of August 2018
HIAG
Market and outlook
Favourable economic conditions expected to persist
Acquisitions improving property income and overall
portfolio metrics
Delay of onboarding and increased scope impacting
HIAG Data 2018 results – but sales backlog developing
accordingly
HIAG Data initiatives start impacting positioning of sites
Unchanged dividend payout policy at 4% of NAV
33
HIAG
Agenda
1. Highlights
2. Financial results half-year 2018
3. Major developments
4. Market and outlook
5. Financial calendar
34
HIAG
Financial calendar
18 March 2019 Publication year-end results 2018
11 April 2019 Annual general meeting
2 September 2019 Publication half-year results 2019
investor.relations@hiag.com
www.hiag.com
35
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